The agreement is part of MODON's efforts for establishing residential complexes in the industrial cities for the purpose of providing appropriate environment close to the workplaces of factory workers. The industrial cities in Riyadh are particularly considered the largest industrial complex in the Middle East.

MODON is currently overseeing two private industrial cities, which include more than 1,000 factories where almost 120,000 employees and workers are employed to run these factories.

The area of the residential complex, which will be established by Mawten Real Estate Company, is 18,000 square meters, while the area of the other complex is 16,000 square meters composed of 1,773 residential units to accommodate 6,000 workers and technicians.

The agreement was signed by MODON's Director General Saleh bin Ibrahim Al-Rasheed and Ra'ed Al-Dakheel, CEO of Mawten Real Estate Company.

Al-Rasheed said: "MODON is working hard to support the industrial cities with real estate products supporting the industrial projects. The projects are aimed at creating industrial zones with integrated service and overcoming all obstacles encountered by the workers operating in the industrial cities such as, lack of residential units. We motivate the developed national companies to establish high-quality residential complexes to provide the industrial cities with an attractive environment of competencies and industrial projects."

Al-Rasheed indicated that the selection of Mawten Real Estate Company to implement this project was undertaken in keeping with the procedures implemented by MODON to verify the eligibility of the real estate companies to perform these types of projects and to realize the extent of its capacity to execute, as well as, to realize the financial position of the company.

Mawten Real Estate Company is the third real estate developer investing in Riyadh 2nd Industrial City for the purpose of establishing a residential complex. MODON had previously signed contracts for residential projects with ABRAM Company to construct 520 residential units, accommodating more than 4,000 technicians and workers.

Al-Dakheel explained that the execution of the project will take almost 24 months after the completion of the final designs of the project and after the project is awarded to the contractor for execution.

He said that Mawten Real Estate Company is giving extreme care to provide real estate products supporting the industrial services. He added that the current project was part of the company's objectives to enlarge the base of its real estate investments for industries, considering the fact that the company is currently implementing the Industrial Gate project, approved by MODON, on an area of 6,5 million square meters.

The CEO of Mawten Real Estate Company emphasized that the project will provide an ideal residential environment for factory workers and technicians operating in Riyadh 2nd Industrial City as shown in the study prepared by the company regarding the preferred locations for factory personnel in the city.

Al-Dakheel expected that the Mawten residential project will contribute in providing high-class services, and when completed will provide an ideal model of residential complexes with regards to the provision of accommodation for workers and thus reducing reliance on temporary housing in the adjacent districts designated for housing families.